- 20 Marks
ATP – Feb 2016 – L2 – Q4 – Transaction Value and Goods Classification
Explain transaction value and distinguish between identical and similar goods for customs purposes under PNDCL 330.
Question
a). Section 30 of the Customs, Excise and Preventive Service (Management) Law, 1993 (P.N.D.C.L. 330), as amended provides, among other things, that the transaction value of an item is to be used for Customs purposes.
i) What is “transaction value”? (3 marks)
ii) Distinguish between “identical goods” and “similar goods” in the ascertainment of transaction value. (8 marks)
b). In what circumstances shall excise duty not be paid on goods as provided for in section 57(2) of Customs, Excise and Preventive Service (Management) Law, 1993 (P.N.D.C.L. 330), as amended. (9 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Customs Law, Excise Duty, Exemptions, Exports, Indirect Taxes
- Level: Level 2
- Topic: Indirect Taxes
- Series: FEB 2016
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